Duoyuan Global Water Inc. Announces Engagement of Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates for Preemptive Third-Party Review

BEIJING, Sept. 28 /PRNewswire-Asia-FirstCall/ -- Duoyuan Global Water Inc. (NYSE: DGW) ("Duoyuan" or the "Company"), a leading China-based domestic water treatment equipment supplier, today announced that the Audit Committee of its Board of Directors has engaged Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates ("Skadden") to conduct the preemptive third-party review authorized on September 14, 2010.

The engagement of Skadden's global team of U.S. and China-based counsel is effective immediately. The team will advise and assist the Audit Committee as part of a review of the accounting, internal controls and corporate governance of the Company, as may be necessary, to confirm that the Company's standards are in accordance with the standards expected of an NYSE-listed company. While there are presently no known accounting or corporate governance issues to be reviewed and the Company consistently has received unqualified audit opinions on its financial statements from Grant Thornton, an international accounting firm, for four successive years, the Company's Board of Directors previously determined that the appointment of an independent third party is appropriate to ensure the highest level of transparency and accountability.

The Company's most recent Annual Report on Form 20-F for fiscal year 2009 has been filed with the U.S. Securities and Exchange Commission ("SEC"). The report is available on the Company's corporate website at http://www.duoyuan-hq.com and on the SEC's website at www.sec.gov. Requests for hard copies of the Company's audited consolidated financial statements (free of charge) may be made by contacting the Company's investor relations department at (646) 277-1227 in the U.S. and at 86-10-6599-7968 in China.

About Duoyuan Global Water Inc.

Duoyuan Global Water Inc. is a leading China-based domestic water treatment equipment supplier. Duoyuan's product offerings address key steps in the water treatment process, such as filtration, water softening, water-sediment separation, aeration, disinfection and reverse osmosis. Duoyuan offers a comprehensive set of complementary products across three product categories: water conservation, including circulating water treatment; water purification; and water reuse treatment, including wastewater treatment. The Company has an extensive local distribution network, which provides proximity to end-user customers and responsiveness to local market demand. Learn more at http://www.duoyuan-hq.com .

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may include, but are not limited to, statements containing words such as "may," "could," "would," "plan," "anticipate," "believe," "estimate," "predict," "potential," "expects," "intends" and "future" or similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to change at any time. These forward- looking statements are based upon management's current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond the Company's control that may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's final prospectus, dated January 27, 2010, filed with the Securities and Exchange Commission, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    For more information, please contact:

    ICR, LLC

     In the U.S.:
     Ashley M. Ammon
     Phone: +1-646-277-1227

     In China:
     Wen Lei Zheng
     Phone: +86-10-6599-7968

SOURCE Duoyuan Global Water Inc.